Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on “How to overcome practical issues in implementing IFRS for small, medium and large companies” to be held at Earls Court, Cinnamon Lakeside, Colombo on 5 June 2013 from 4.00 p.m. to 6.30 p.m.
On the same day MBSL intends to publish a book titled “Knowledge dissemination to the business community”, compiling all the knowledge dissemination networking programs conducted by them, selecting a suitable eminent speaker and the topics to educate the business community and also building relationship in business on an ongoing basis during this period of 1998 to 2012.
The guest speaker at the event will be the renowned Ernst & Young Partner Manil Jayesinghe. The areas that will be elaborated upon consist of the common issues in implementing IFRS and solutions to overcome the issues followed by the panel discussion.
The areas to be focused upon are changes to the existing standards, how to reconcile financial statements, giving sufficient detail to understand adjustments to each line item and distinguish changes in accounting policies from correction of errors, financial instruments ; recognition and measurement, etc.
The globalisation of business and finance has led to successful mass adoption of International Financial Reporting Standards (IFRS) in over 100 countries and even in Sri Lanka. With the adoption of the new standards, the entities are required to adopt a common language for financial reporting process which will bring more credibility to financial and performance reporting and help the Sri Lankan firms to adopt one single platform for reporting.
The financial statements are written reports that quantitatively describe the financial health of a company. One worldwide platform for financial reporting will make it easier to compare the financial position of different companies from different industries in different countries to be understood and compared one another.
New accounting standards are intended to make financial disclosures more transparent, accountable and are part of Sri Lanka’s ongoing effort to link up with the world. However, the complexity of implementing a common language in accounting IFRS has always been a challenging task across nations with their varied cultural, political, and economic, management, legal, regulatory and social differences. Both public and private sectors are increasingly recognising the benefit of having a commonly understood reporting framework supported by a globally accepted set of accounting standards. IFRS will cater to this requirement while opening doors to foreign investments and business expansion. However, many implementers of IFRS face difficulties in understanding the ground reality as industries, systems and people differ considerably.
The programme is aimed at Chief Executive Officers, Chief Financial Officers, Finance Managers, Compliance Officers, Risk Control Specialists, SAP Specialists, ERP Specialists, Analysts, Financial Accountants, Management Accountants, staff of Audit Firms, Financial Advisory and Consultancy Firm staff, IFRS Implementation Teams, Accounting System Implementation Teams, staff of listed companies, Banks, Insurance Companies and people with special interest in IFRS and SLFRS implementation.
Gaining an overall understanding about the implementation of IFRS will enable the participants to gain better understanding on resolving specific issues in implementing IFRS.